#12021 CAGNY Investor Presentation Moving beyond smoking™ Altria 1 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#2Safe Harbor Statement Statements, including earnings guidance, in this presentation that are not reported financial results or other historical information are "forward-looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Altria undertakes no obligation to publicly update or revise any forward-looking statement other than in the normal course of its public disclosure obligations. The risks and uncertainties relating to the forward- looking statements in this presentation include those described in Altria's publicly-filed reports, including its Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020, September 30, 2020, and under "Forward-looking and Cautionary Statements" in today's press release. Reconciliations of non-GAAP financial measures included in this presentation to the most comparable GAAP measures are available on Altria's website at altria.com in the Investors Section, under Events and Presentations. 2❘ For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#3Our 10-Year Vision Responsibly lead the transition of adult smokers to a non-combustible future 3❘ For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#4Pursuing our Vision for Long-Term Sustainability The pursuit of our Vision is about sustainability and businesses that are aligned with the responsibility expectations of our stakeholders 4 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#5Our Responsibility Focus Areas ENVIRONMENTAL SOCIAL We Card GOVERNANCE Altria Protect the Environment Climate change Natural resource conservation Environmental impact of products Drive Responsibility Through Our Value Chain Responsible sourcing, distribution and retail Supplier diversity Grower support and agricultural sustainability Human rights Ethics and compliance Reduce Harm of Tobacco Products Adult smoker transition to non-combustible products External conditions for tobacco harm reduction success Cessation support Prevent Underage Use Responsible marketing Underage access prevention Positive youth development Support Our People & Communities Inclusion and diversity Racial and economic equity Positive impact through engagement and partnership Well-being of employees and communities Workforce and Engage & Lead Responsibly Corporate governance and behavior Stakeholder engagement and transparency Responsible investment governance 5❘ For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 community capability building Altria#6Minimizing our Environmental Footprint " Our 2030 Goals Cut absolute Scope 1 & 2 greenhouse gas emissions by 55% from 2017 base Reduce our carbon footprint by 18% from 2017 base Achieve 100% renewable electricity Reduce waste sent to landfill by 25% compared to 2017 Achieve 100% water neutrality, annually We expect the Science Based Targets initiative to release methodology later this year for companies to set credible net-zero targets and we'll assess our ability at that time to establish this goal 6❘ For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#7Driving Inclusion and Diversity 7 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 ◉ Inside Altria Established Inclusion and Diversity (I&D) aiming points. Includes achieving: gender parity among VP and Director-level employees composition of at least 30% VP and Director-level employees who are Asian, Black, Hispanic or two or more races Established I&D considerations within our performance review process to hold leaders accountable In Our Communities ☐ Established a multi-year investment plan behind our commitment to addressing racial and economic inequities Altria#8The Most Important Social Issues to Address Bader 21 No Tobacco No Vapor We Card Pa Reduce Harm of Tobacco Products Prevent Underage Use 8❘ For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#9Preventing Underage Tobacco Use Our newest initiatives include: monetary incentives to retailers for age validation technology expect the technology to be installed in over 120,000 stores by the end of 2021, which covers 70% of PM USA cigarette volume investing in marketplace monitoring tools for more real-time data on underage usage trends to enable a more rapid response to potential issues Under No Tobacc We Card 9❘ For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#10Adult Tobacco Consumer (ATC) Insights ATC Segmentation Insights We believe tobacco product purchases for ATCs ages 21 to 39 look fundamentally different than older ATCs Reduced social friction and reduced harm are important tobacco product features across many cohorts Non-combustible products interest both male and female ATCs, although specific purchase drivers vary Many ATCs are open to using non-combustible products but have not found the right product to meet their needs Exclusive Non-combustible Product Use 33% ATC 21-29 21% 15% ATC 30-49 ATC 50+ Source: AVI Strategy, Consumer & Marketplace Insights market research; ATCT December 2020 (non-combustible products include-vapor, moist smokeless tobacco, snus and oral tobacco-derived nicotine) 10 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#11Central Focus on Adult Tobacco Consumer Consumer Insights & Activation Non-combustible Product Development & Regulatory Engagement Leading U.S. Commercialization Infrastructure Point-of-Sale Purchase Data Retail Trade Partner Feedback ⚫ Salesforce Insights 11 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#12Internal Realignment to Support our Vision Conversion & Innovative Products These functions will work together to: ☐ develop non-combustible product conversion strategies Strategy, Consumer & Marketplace Insights ■ enhance our consumer communications and engagement ■ drive innovative product development planning and prioritization Digital & Technology 12 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 소 Altria#13Deepening Understanding of Adult Tobacco Consumers' Product Adoption of on! 100% 0% Adult Dipper Example A 100% Adult Dipper Example B 100% Adult Smoker Example Week 0 Weeks Weeks Weeks 1-13 14-26 27-39 0% 0% Weeks 40 -52 Week 0 Weeks 1-13 Weeks Weeks Weeks 14-26 27-39 40-52 Week 0 Weeks 1-13 Weeks Weeks 14-26 27 -39 Weeks 40-52 ■on! ■Marlboro ■Cigarette Competitor ■on! ■Leading MST Competitor Competitive adult dipper tries and adopts on!. on! becomes a more significant portion of total tobacco purchases. Period evaluated: January 2020 though December 2020 ■on! Leading Oral Nic. Pouch Competitor Copenhagen Copenhagen adult dipper experiments with competitive oral nicotine pouch brand but eventually tries and fully adopts on! Period evaluated: June 2019 though July 2020 Competitive adult smoker tries and fully adopts on!. Period evaluated: November 2019 though January 2021 Source: POS Scan data; Examples are not necessarily representative of all consumers; only includes volume purchased while using loyalty card 13 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#14Risk Cliff Between Combustible & Non-Combustible Tobacco¹ Higher Combustible Risk Tobacco Products Lower Risk Non-Combustible Tobacco Products 1 Adapted from Nutt, et. al Estimating the Harms of Nicotine-Containing Products Using the MCDA Approach. Eur. Addict Res 2014; 20:218-225. Evaluation criteria include; product specific mortality; product related mortality; product specific morbidity; dependence; loss of tangibles; loss of relationships; injury; crime; environmental damage; family adversities; international damage; economic cost; and community. 14 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 b Altria#15Amplifying our Voice on Harm Reduction "We are investing in science to arrive at the right insights, guide product development and generate the data needed to really push the whole field forward... I firmly believe that the work that we do today will transform the tobacco industry and will have significant benefits for public health." -Dr. Maria Gogova, Altria Chief Scientific Officer ■ Established the position of Chief Scientific Officer to amplify our voice within the scientific and public health communities Conducting the science necessary to support and expand our portfolio of non-combustible products 15 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 BP Altria#16Scientific-Based Reduced Harm Framework For Developing and Evaluating New Tobacco Products Our Framework for Reduced Harm Tobacco Products Constituent Reduction Risk Reduction Individual Harm Reduction Population Chemical & Product Design & Control Physical Characterization The Product 16 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Toxicology & Risk Assessment Studies in Adult Human Subjects Exposure & Health Risk Perception & Behavior Assessment Risks & Benefits to Health of the Population Impact on the Population Altria#17Compelling Oral Tobacco Portfolio 17 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 4 MG MINT on 20 NICOTING POUCHES Copenhage WARNING: 10: Smokeless addictiv Copenhagen LONG CUT O WINTERGREEN penhagen PACKS us product alternative Cigarettes DOTH Copenhage product WINTERGRE Openhag POUCHE b Altria#18on! Continues Retail Store Expansion Retail Store Count in thousands 39 26 15 9 Q3 '19* Q4'19 Q1' 20 Q2 '20 55 Q3'20 78 Q4'20 At 2020 year-end, on! was distributed in stores representing ~2/3rds of oral tobacco volume *Transaction Closed in August 2019 Store Count Source: STARS week ending 01.03.2021 18 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 By Mid-Year 2021, Helix Expects: unconstrained capacity for the U.S. market on! to be in stores representing ~90% of oral tobacco volume and ~80% of cigarette volume MG ANYTIME, ANYWHERE on 9 CITRUS WINTERGREEN MG on! 20 COTINE POUCHES 20 NICOTINE POUCHES 4 MG MINT go on ANYTIME MG CINNAMON 9 on 20 NICOTINE POUCHES 20% COTINE POUCHES Altria#19on! Growing Shipment Volume & Retail Share Shipment Volume 13wm Cumulative Share of Oral Tobacco Category' 2.4 2.1 1.7 1.5 Q3 Promotions Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Q1' 20 YTD Q2 '20 YTD Q3 '20 YTD Q4'20 YTD on!'s shipment volume has steadily grown to keep pace with consumer demand & store expansion 19 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 1 Source: IRI Non-Projected and POS Scan data for select retail stores selling on! and submitting data as of week ending 1.3.2021 Altria#20on! Potential with Adult Smokers & Dippers Tobacco Basket Volume Prior to First on! Purchase Category Representation of Women Consumers ■ E-Vapor Competitive Oral Nicotine Pouch ■MST & Snus ■Cigarettes April 2019 Dec. 2020 ~25% 77% -5% ~50% Oral Nicotine Pouches MST Cigarettes There are now ~1 million adult oral nicotine pouch consumers* Source: POS Scan data April 2019 - December 2020 (Top 5 Convenience Chain By Smokeless Volume) Source: ATCT 12MM as of September 2020, Awareness Study and Innovative Products Study *Based on responses for Oral Tobacco Derived Nicotine Products 20 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#21IQOS & Marlboro HeatSticks First-Mover Advantage & Expansion 2020 PM USA & AGDC Accomplishments ■ Launched a third lead market in Charlotte ■ Introduced devices in select Charlotte convenience stores Developed creative digital tools to enhance consumer engagement Communicated with adult smokers using the FDA-authorized reduced exposure claim about the benefits of switching completely from cigarettes WARNING: This product contains nicotine. Nicotine is an addictive chemical. Reduce your body's exposure to harmful chemicals by switching completely from cigarettes to 1005 The 1005 stars beats acs but does not ban Marthera Marlboro much at hand perrat. Kamik Setting studies how shown 100 system canyes your shops exposes to harmfu penny hamur ers at adduitg Marl SURGEON GENERAL'S WARNING: Smoking By Pregnant Womas May Rasalt in Fetal Injury, Prema Birth, And Low Birth Winight Contains c IQOS 21 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#22Marlboro HeatSticks Retail Volume Growth & Traction with Competitive Adult Smokers Marlboro HeatSticks Retail Volume Growth1 Across Atlanta, Richmond & Charlotte Markets IQOS Purchasers' Cigarette Brand Direct Retail Pause Direct Retail Charlotte Re-Open Market Launch Oct-20 Jan-21 Jan-20 Apr-20 Four-week moving average. Jul-20 Source: GMR Sales Extract through 01.02.2021, POS Scan through 01.02.2021 22 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 ■PM USA Brands ■ Other 39% 61% Source: GMR Sales Extract through 01.04.2020 - 01.23.2021 Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#23Disciplined IQOS & Marlboro HeatSticks Expansion Approach with Lead Market Learnings 2020 Lead Market Learnings: ◉ ☐ many adult smokers aren't aware of the full range of benefits of switching to the product from cigarettes adult smokers appreciate flexible engagement options some adult smokers hesitate to try the product based on initial purchase cost Awareness Engagement Trial IQOS Purchase Conversion 23 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#24Strong Adult Smoker Switching Interest to Products with a Reduced Exposure Claim % of Adult Smokers Interested in Switching to a Product Based on a Reduced Exposure Claim Reduced Exposure Claim Shown: "Switching completely significantly reduces your body's exposure to harmful or potentially harmful chemicals." Awareness Base: 2,200 Adult Smokers 21+ National Sample Engagement Source: AVI Strategy, Consumer & Marketplace Insights: Tobacco Alternatives Study 2020 24 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 36% 23% 16% 13% 12% Extremely Very Interested ¦ Somewhat Interested Interested Not very interested Not at all Interested Trial Purchase Conversion Altria#25Flexible Consumer Engagement & Virtual Support % of IQOS Purchases via Mobile Retail¹ 46% Purchases Prior to March 2020 Awareness 64% Purchases After June 2020 Engagement Mobile retail includes expert kiosks, educational vehicles, mobile retail units and customer care experts. Source: AVI Strategy, Consumer & Marketplace Insights: GMR Sales Extract through 01.02.2021 25 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Trial Virtual Guided Tutorials & Expert Video Chat IQOS Purchase Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Conversion Altria#26Flexible IQOS Purchasing Bundles Driving Trial & Purchase IQOS % of Bundle Purchases by Channel First 6 months in market June 2020 introduction ■Lending ■Deluxe Bundle ■5-Pack Bundle ■10-Pack Bundle or Device Kit Atlanta 61% Atlanta IQOS Device Penetration % Charlotte Charlotte Device Penetration % nearly 3x Atlanta 1 6 Charlotte Awareness Engagement Source: AVI Strategy, Consumer & Marketplace Insights: GMR Sales Extract through 01.02.2021" 26 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Trial 11 16 Weeks Purchase Conversion Device Penetration = Number of devices sold as a percentage of adult smoker population Source: AVI Strategy, Consumer & Marketplace Insights Estimates Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#27IQOS & Marlboro HeatSticks State Expansions Georgia, Virginia, North Carolina & South Carolina Device & Heatsticks Distribution Expansion Maryland Kentucky see West Virginia Virgini Delaw Northern Virginia New Metro Market HeatSticks and Devices HeatSticks Only ☐ ☐ Expand HeatSticks and devices statewide within Georgia, Virginia, North Carolina and South Carolina in April Expand to the next metro market in Northern Virginia in second quarter. This new market represents one of the largest populated-metro areas in the U.S. Expand to three additional metro markets in second half of 2021 Expect HeatSticks to be available in geographies covering -25% of U.S. cigarette volume by year end 27 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#28Making Significant Progress Toward our Vision Re-aligning the organization 888 Expanding availability & awareness of our portfolio of non- combustible products ↑ o→ Investing in non- combustible product research & development 28 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 20 Altria#29Tobacco Space Estimated Volume Equivalized Volume in Billions ■Combustible Oral Tobacco ■ E-Vapor 16.8 16.5 16.2 -16% 2015 2016 Note: Volume for Heated Tobacco products rounded to 0.0 billion for 2019 and 2020 2017 (1.0)% CAGR 16.1 15.9 15.9 ~22% 2018 2019 2020 Sources: AVI Strategy, Consumer & Marketplace Insights Estimates; IRI MOC; Capstone; ComScore; Merkle For purposes of this theoretical analysis, the tobacco space may combine different product categories under a single descriptor. In this analysis, "Combustible" contains Cigarettes and Cigars, and "Oral Tobacco" contains Moist Smokeless Tobacco (MST), Snus and Oral Tobacco-Derived Nicotine Products (OTDN) EQ Estimation - For purposes of this theoretical analysis the following are assumed to be equivalent: 1 pack of cigarettes = 1 can of MST/Snus/OTDN = 10 Cigars = 1 E-Vapor cartridge 29 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria#30Smokeable Products Segment Adjusted OCI Growth & Margins Growth* +5.5% CAGR $10.1 $9.2 $8.5 $8.4 $8.0 $7.7 Smokeable Products Adjusted OCI in billions 2015 2016 2017 2018 2019 2020 Industry Cigarette Volume Decline 0.0% (0.5)% (2.5)% (4.0)% (4.5)% (5.5)% Adjusted OCI Margins Growth 2015-2020 +9.2 points 47.2% to 56.4% 30 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 * For reconciliation of non-GAAP to GAAP measures visit altria.com Altria#31Marlboro Continues to Lead Cigarette Category 31 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 FATE CIGARETTE Marlborn Altria#32Oral Tobacco Products Segment Adjusted OCI & Margins Growth* +9.0% CAGR $1.7 Oral Tobacco $1.6 $1.5 $1.4 Products Adjusted OCI $1.2 $1.1 in billions 2018 2019 2020 Adjusted OCI Margins 2015 2016 2017 64.1% +7.6 percentage points 32 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 For reconciliation of non-GAAP to GAAP measures visit altria.com 71.7% Altria#33Alcohol Assets Chatea Michell INF ☐ " Beer and wine assets have served us well over-time and provide us with diverse income streams Original investment of $230 million in SABMiller in 1970 has now grown to an investment in ABI, the largest global beer company with a carrying value of $16.7 billion* Most of our ABI shares are currently restricted with the lock-up expiring in October of this year Conducting a thorough analysis of our ABI ownership to determine the best path forward for this investment *As of 12/31/2020 33 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 STE MICHELLE WINE ESTATES ABInBev Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#34U.S. Cannabis Market A Significant Opportunity for Adjacent, Long-Term Growth % of Americans that Support Federal Legalization 80% 40% 0% 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 Source: Gallup Poll Social Survey, October 2020 34 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 68% Altria#35Altria Supports a Federally Legalized U.S. Cannabis Market In support of our investment in Cronos, Altria is committed to supporting a comprehensive, federal regulatory framework that: advances science ☐ creates quality and safety standards CRONOS GROUP prevents underage use and takes significant steps to address historical impact of cannabis criminalization on communities of color 35 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Trademarks used for discussion purposes only. All third-party trademarks remain the property of their respective owners Altria#36Capital Allocation We remain focused on returning cash to shareholders and maintaining a strong balance sheet Cash Returned to Shareholders $33 B Shares Repurchased $6 B Dividends Paid $27 B 2016-2020 36 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 " Maintain long-term target dividend payout ratio of ~80% of adjusted diluted earnings per share In January 2021, the Board authorized a new $2 billion share repurchase program, which we expect to complete by June 30, 2022 Executing a debt management transaction to take advantage of favorable market conditions to adjust our debt maturity profile and extend the weighted average maturity of debt Altria#372021 Adjusted Diluted EPS* Guidance We reaffirm our full-year 2021 adjusted diluted EPS* guidance of $4.49 to $4.62. This range represents a growth rate of 3% to 6% from a 2020 adjusted diluted base of $4.36. Mild REDS 37 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 * For reconciliation of non-GAAP to GAAP measures visit altria.com Altria#38Moving beyond smoking™ Altria 38 | For Investor Presentation ONLY | CAGNY 2021 | 2.17.2021 Altria